Houses in Multiple Occupancy
If the landlord wishes to rent their property to multiple occupants, it may mean that a licence is required before the property can be legally rented. Houses in Multiple Occupation are also referred to as “HMOs” and the purpose of the licensing scheme is to improve management and safety standards in this area of the rental sector.
It is now a mandatory duty for:
- All Local Authorities to have a licensing scheme
- Owners of certain types of HMOs to have a licence
For further information on houses in multiple occupation and how this may effect you as a landlord, please speak to one of our representatives
Overseas Landlords and Income Tax
The scheme requires UK letting agents to deduct basic rate tax from any rent they collect for non resident landlords. If non resident landlords don't haveUKletting agents acting for them, it is their responsibility to inform the Inland Revenue of rental income received, and to pay any tax due. Non resident landlords can apply at any time for approval to receive rent with no tax deducted.
If your intention is to reside abroad then we can offer the following services:
- Arrange for annual rental accounts to be prepared by a local firm of chartered accountants and be submitted to the Inland Revenue at the end of each tax year. Details available on request.
- Tax saving schemes relating to earned income abroad and the possibilities of re-investing your income to receive tax-free interest. Again we have the expert advice of a firm of financial consultants on hand, details are available.
